Davis Capital Management Has $2.27 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Davis Capital Management cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 6.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,488 shares of the bank’s stock after selling 2,155 shares during the quarter. Bank of New York Mellon comprises about 1.8% of Davis Capital Management’s holdings, making the stock its 10th biggest holding. Davis Capital Management’s holdings in Bank of New York Mellon were worth $2,266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp grew its position in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after buying an additional 659,096 shares during the period. FMR LLC grew its position in shares of Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares during the period. Ameriprise Financial Inc. grew its position in shares of Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after buying an additional 421,161 shares during the period. Legal & General Group Plc grew its position in shares of Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after buying an additional 97,286 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Bank of New York Mellon by 1.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank’s stock valued at $476,726,000 after purchasing an additional 117,974 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Bank of America increased their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. increased their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $84.92 on Wednesday. The firm’s 50 day moving average price is $78.96 and its 200-day moving average price is $72.57. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $85.00. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $61.74 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 0.95 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the business earned $1.28 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts expect that The Bank of New York Mellon Co. will post 6.86 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.